• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 7 mins Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 18 hours Shale Oil will it self destruct?
  • 1 day Berkeley becomes first U.S. city to ban natural gas in new homes
  • 1 day Iran Captures British Tanker sailing through Straits of Hormuz
  • 11 hours Renewables provided only about 4% of total global energy needs in 2018
  • 2 hours EIA Reports Are Fraudulent : EIA Is Conspiring With Trump To Keep Oil Prices Low
  • 2 days Drone For Drone = War: What is next in the U.S. - Iran the Gulf Episode
  • 2 days Today in Energy
  • 15 hours Oil Rises After Iran Says It Seized Foreign Tanker In Gulf
  • 3 days Mnuchin Says No Change To U.S. Dollar Policy ‘As of Now’
  • 3 days Populist, But Good: Elizabeth Warren Takes Aim at Private-Equity Funds
  • 2 days LA Solar Power/Storage Contract
  • 2 days Why Natural Gas is Natural
Alt Text

Is A Crude Glut Looming?

Slowing global economic growth is…

Alt Text

Oil & Gas Discoveries Rise In High-Risk Oil Frontiers

Global discoveries of conventional oil…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Hefty Inventory Draw Boosts Oil Prices

A day after the American Petroleum Institute helped push crude prices even higher by estimating a 9.228-million-barrel draw in U.S. crude oil inventories, the EIA confirmed the draw, at 9.9 million barrels for the week to June 22.

This compares with a draw of 5.9 million barrels reported for the prior week and analyst expectations for a draw of 5.1 million barrels.

Amid stubbornly rising oil prices despite the OPEC+ decision to add close to 1 million bpd to global supply, the EIA also reported an increase in gasoline inventories of 1.2 million barrels. That compares with a 3.3-million-barrel increase in gasoline inventories reported for the previous week.

Refineries processed 17.8 million barrels daily last week, with gasoline production at an average 10.1 million bpd, slightly higher than a week earlier.

Distillate inventories remained unchanged, compared with a 2.7-million-barrel increase a week earlier. Production averaged 5.4 million barrels daily, down slightly from 5.5 million barrels daily a week earlier.

Oil prices have remained highly volatile after OPEC’s meeting in Vienna, not least because traders expected a bigger cut but also because the U.S. State Department has increased the pressure on its international allies to stop importing crude oil from Iran. Related: Korea Rapprochement Could Revive Energy Megaproject

Despite President Trump’s tweet campaign against OPEC, in which he accused the cartel of “artificially” keeping prices high, it is now Washington’s determination to cut Iran’s access to international oil markets that is adding fuel to the price rally.

Analysts are already revising their estimates of the supply outage that will result from the entry into force of U.S. sanctions in November, and refiners from Asia are starting to reduce their shipments from Iran.

Additionally, a power outage at a Syncrude oil sands mine in Canada and a spike in oil export uncertainty in Libya have contributed to the higher prices, basically erasing the knee-jerk price decline from last week as the market anticipated OPEC’s decision.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment
  • rjs on June 28 2018 said:
    headline says "boosts oil prices" yet not a mention of how much or what prices ended at in the article...

    also missed the big story, record oil exports: https://rjsigmund.files.wordpress.com/2018/06/june272018crudeexportsweekendingjune23rd.jpg

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play